Economic Action Plan 2014 Act, No. 2 (S.C. 2014, c. 39)
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Assented to 2014-12-16
PART 4VARIOUS MEASURES
Division 26R.S., c. C-21; 2001, c. 9, s. 218Canadian Payments Act
Amendments to the Act
Marginal note:2001, c. 9, s. 233
342. (1) The portion of subsection 18(1) of the Act before paragraph (b) is replaced by the following:
Marginal note:By-laws
18. (1) The Board may make any by-laws that it considers advisable for the attainment of the objects of the Association, including by-laws
(a) providing for eligibility criteria for membership in the Stakeholder Advisory Council or the Member Advisory Council and their number of members;
Marginal note:2001, c. 9, s. 233
(2) Paragraphs 18(1)(c) and (c.1) of the Act are repealed.
Marginal note:2001, c. 9, s. 233; 2007, c. 6, s. 429(1)
(3) Paragraphs 18(1)(f) to (g) of the Act is replaced by the following:
(f) respecting the payment of dues by the members and the payment of fees for services performed by or on behalf of the Association, and establishing the method of determining the amount of those dues and those fees;
(g) establishing penalties for any failure by members to comply with the by-laws, rules and orders made under the by-laws, except by-laws made under paragraph (k), including penalties that provide for the payment of interest or the making of restitution and procedures in respect of the imposition of those penalties;
Marginal note:2007, c. 6, s. 429(2)
(4) Paragraph 18(1)(k) of the Act is replaced by the following:
(k) respecting the internal administration of the business of the Association, including
(i) the procedures for all business that is conducted at meetings of the Board, the Board’s committees, the Stakeholder Advisory Council or the Member Advisory Council,
(ii) the remuneration of directors referred to in paragraph 8(1)(d) and of members of the Stakeholder Advisory Council, and
(iii) the procedures for the nomination, selection and appointment of persons to be members of the Stakeholder Advisory Council or the Member Advisory Council.
Marginal note:2007, c. 6, s. 429(3) and (4)(E); 2012, c. 5, s. 208
(5) Subsections 18(2) to (4) of the Act are replaced by the following:
Marginal note:Approval
(2) A by-law, except a by-law made under paragraph (1)(k), shall not come into force unless it is approved by the Minister and, once approved, copies of it must be sent by the President to every member.
Marginal note:Notice
(3) The President shall notify the Minister of the making of a by-law under paragraph (1)(k) and shall send copies of the by-law to every member.
343. The Act is amended by adding the following after section 18:
Rules, Statements of Principle and Standards
Marginal note:2001, c. 9, s. 234(1)
344. (1) The portion of subsection 19(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Rules
19. (1) Subject to the by-laws, the Board may make any rules that it considers advisable for the attainment of the objects of the Association, including rules
Marginal note:2001, c. 9, par. 245(c)(E); 2007, c. 6, s. 430(2)(F)
(2) Subsection 19(2) of the Act is repealed.
Marginal note:2001, c. 9, s. 235
345. Section 19.1 of the Act is replaced by the following:
Marginal note:Statements of principle and standards
19.1 Subject to the by-laws and rules, the Board may make any statements of principle and standards that it considers advisable for the attainment of the objects of the Association.
Marginal note:2001, c. 9, s. 235
346. Subsections 19.3(1) and (2) of the Act are replaced by the following:
Marginal note:Directives by Minister
19.3 (1) If the Minister is of the opinion that it is in the public interest to do so, the Minister may issue a written directive to the Association, including a directive to make, amend or repeal a by-law, rule or standard.
Marginal note:Consultation
(2) Before a directive is given to the Association, the Minister shall consult the Board, and may consult any interested party, with respect to the content and effect of the directive. If the directive relates to the operation of a clearing and settlement system designated under subsection 4(1) of the Payment Clearing and Settlement Act, the Minister shall also consult the Governor of the Bank of Canada.
Marginal note:2001, c. 9, ss. 236 and 237(E) and par. 245(d)(E) and (e)(E); 2007, c. 6, s. 431(F)
347. Section 20 of the Act and the heading before it are replaced by the following:
Marginal note:Notice of developments
19.5 The President shall, as soon as feasible, notify the Minister of any financial or other developments that have or are likely to have a material adverse effect on the business of the Association.
Committees of the Board
Marginal note:Nominating committee
20. (1) The Board shall establish a nominating committee to identify and propose qualified candidates for the election of directors.
Marginal note:Composition
(2) The nominating committee shall consist of elected directors, a majority of whom shall be directors referred to in paragraph 8(1)(d).
Marginal note:Representative character
(3) When the nominating committee is identifying qualified candidates for the election of directors referred to in paragraph 8(1)(c), it shall endeavour to identify candidates that are broadly representative of the diversity of the membership of the Association.
348. The Act is amended by adding the following after section 21.1:
Stakeholder Advisory Council
Marginal note:2001, c. 9, s. 238
349. (1) Subsection 21.2(3) of the Act is replaced by the following:
Marginal note:Appointment of directors
(3) The Board shall appoint up to two elected directors to be members of the Council.
Marginal note:2001, c. 9, s. 238
(2) Subsection 21.2(5) of the Act is replaced by the following:
Marginal note:Representative character
(5) The Council shall be broadly representative of users and payment service providers.
350. The Act is amended by adding the following after section 21.2:
Marginal note:Report of Council
21.3 The Chairperson of the Stakeholder Advisory Council shall, as soon as feasible after the end of each fiscal year, submit a report on its activities in that fiscal year to the Board.
Member Advisory Council
Marginal note:Member Advisory Council
21.4 (1) There shall be a Member Advisory Council consisting of persons appointed by the Board.
Marginal note:Object
(2) The object of the Council is to provide counsel and advice to the Board on the Association’s operation of clearing and settlement systems, the interaction of those systems with other systems involved in the exchange, clearing or settlement of payments and the development of new technologies.
Marginal note:Representative character
(3) The Council shall be broadly representative of the diversity of the membership of the Association.
Marginal note:2007, c. 6, s. 433(F)
351. Sections 22 to 24 of the Act are replaced by the following:
Marginal note:Budgets
22. (1) In each year, the Board shall cause an operating budget and a budget setting out proposed capital expenditures of the Association to be prepared.
Marginal note:Consultation
(2) The Board shall consult the members before establishing the operating budget and capital expenditures budget.
Corporate Plan and Annual Report
Marginal note:Corporate plan
23. (1) In each year, the Board shall, within the time prescribed by the regulations, submit to the Minister for approval a five-year corporate plan for the Association.
Marginal note:Contents of corporate plan
(2) The corporate plan shall include
(a) the Association’s objectives;
(b) the strategies that the Association intends to use to achieve its objectives, including operational, financial and human resource strategies;
(c) the Association’s expected performance over the five-year period;
(d) the Association’s operating and capital expenditures budgets;
(e) any material changes that have occurred in respect of information provided in the previous corporate plan; and
(f) any other information that the Minister may require.
Marginal note:Annual report
24. (1) The Board shall, within the time prescribed by the regulations, prepare a report on the Association’s operations for each fiscal year and the Association shall publish it on its Internet site.
Marginal note:Contents
(2) The report shall include
(a) the financial statements of the Association and the report of the auditor;
(b) an evaluation of the Association’s performance with respect to the objectives established in the corporate plan;
(c) the annual report of the Stakeholder Advisory Council; and
(d) a statement of the Association’s priorities for the following fiscal year.
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